Sydney and smaller capitals drive increased auction activity
Auction volumes across Australia’s capital cities have reached their highest level in 16 weeks, with 2,647 homes scheduled to go under the hammer this week.
This marks an increase from 2,402 auctions last week, though it remains below the 2,781 auctions held during the same period last year.
Melbourne is set to see 1,189 auctions this week, a decrease from 1,240 the previous week and 1,335 a year ago. In contrast, Sydney will host 995 auctions, representing the city’s busiest week in four months. Last week, 829 homes were auctioned in Sydney, while 1,009 auctions were held at this time last year.
Among the smaller capitals, Brisbane leads with 175 scheduled auctions, up from 145 last week, making it the city’s most active week since late July. Adelaide is set for 163 auctions, the highest number so far this year and a significant rise from 98 last week.
Canberra will see 112 auctions, up from 79, marking its busiest week since early February. Perth is expected to have 10 auctions, a slight decrease from 11 last week, while Tasmania has three scheduled auctions.
“Auction activity is expected to drop next week, with around 1,850 homes currently scheduled to go under the hammer across the combined capitals,” said Caitlin Fono (pictured right), research analyst at Cotality. “The drop in auction volume can be attributed to Victoria’s AFL Grand Final long weekend, with less than 200 homes currently scheduled for auction in Melbourne next week.”
Last week’s results showed 2,402 homes auctioned across the combined capitals, up from 2,122 the previous week but down from 2,457 a year earlier. The final clearance rate fell to 69.0%, the lowest in five weeks, compared to 70.0% the previous week. At the same time last year, the clearance rate was 62.5%.
Melbourne recorded 1,240 auctions last week, the highest in 15 weeks. The city’s clearance rate rose to 69.5%, up from 68.0% the previous week and 61.3% a year ago.
Sydney saw 829 auctions last week, compared to 725 the week before and 872 a year earlier. The clearance rate in Sydney dropped below 70% for the first time in seven weeks, finishing at 68.2%. The previous week’s rate was 71.1%, while last year’s figure was 63.2%.
Brisbane was the busiest among the smaller capitals last week with 145 auctions, followed by Adelaide with 98 and Canberra with 79. Canberra’s clearance rate reached 70.9%, the highest in four weeks. Brisbane’s rate was 69.7%, down from 74.8% the previous week. Adelaide’s clearance rate fell to 68.4% from 75.9%. Perth recorded a clearance rate of 63.6% from 11 auctions, while Tasmania had no auctions last week.
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